When should you seek financial advice?



When should you seek financial advice?


Do you know that, when your personal life changes or when you reach important life milestones, your financial life changes with you.


Seeking advice at those crucial life changing moments can have a huge impact on your financial situation, and you want to be able to make smart financial decisions with confidence to enhance your life further.


A financial adviser can be your ‘sounding board’ to discuss your changed circumstances or they can be your financial coach. They can explain the different financial choices available to you, and help you make smart financial decisions.


Top 10 Life Events to seek financial advice:


  1. Starting Work


Why do I need advice when I’m young, healthy and carefree?


Getting your first job is an exciting time, and an important milestone. Even when you think you may not need advice at such an early stage of your life, knowing how to protect your income, or how to save and invest your surplus income is all about getting you ahead, and planning for a brighter financial future.


  1. Getting Married


How do we plan for our future?


It’s a wonderful time in your life, bringing about big changes for you and for your new partner. It’s also a great time to start planning your future together, and working out what your ‘big picture‘ future might look like. Talking to an adviser will help you to define your goals as a couple, and help to map out your long-term financial success.


  1. Buying your first home


How do I save for a deposit?


When thinking about buying your first home, it’s a huge financial decision you will make. A new home equals a major milestone as well as one the biggest investments you will make. Collaborating with an adviser on important financial goals like saving for a deposit, budgeting and knowing how to best manage finances to ensure mortgage repayments can be made can definitely give you confidence.


Related Post: What to consider when buying property?


  1. Starting a Family


How do we manage our finances if our income drops from 2 to 1?


When sounds of ‘pitter patter‘ can be heard, it’s also a timely reminder for you to start planning and thinking about your families needs in the future. Things like how to manage finances and budget if two incomes will drop to one, how to start an education fund, and how to protect your family especially with the arrival of your ‘precious bundle‘.


  1. Protecting your family


How will I look after my family if I lose my income?


When you’re working hard to look after your family, and to build a better future for later, this is an important time to think about how to safeguard your family, and your financial assets like your home. An adviser can minimise your financial concerns if and when unexpected events affect your family. Being prepared for unforeseen events means protecting what matters most in your life.


Personal Insurance: What are the different types of cover? from Prime Financial Group on Vimeo.


  1. Mature Family


Can I afford to retire comfortably?


When your children are ready to leave the ‘nest‘, it’s a great time to put the focus back on to you, and to think about planning for your retirement. Reviewing your personal and financial situation with an adviser at this critical time can help you understand what you need to do to get your retirement plans in place. Planning early can mean being able to secure a lifestyle you want later.


Related Post: Living your Ideal Retirement


Retirement Planning: Top 10 Tips from Prime Financial Group on Vimeo.


  1. Receiving an Inheritance


Do I invest my inheritance or do I pay off my debts?


Inheriting money can be an unexpected surprise, and at the same time it can bring some financial stress. What to do with the money? These are some of the questions you may face but it doesn’t mean you have to suffer them alone. Seeking advice from an adviser who understands your situation and your future goals can help you to make the right decisions to meet your life aspirations.


  1. Job Loss


How can I be financially prepared if I lose my job?


In today’s ever changing corporate environment, being made redundant or losing your job is reality you may be faced with. It is at this point, you need to be able to assess your situation and discuss your circumstances with an adviser who can help you to put an immediate action plan into place. Being financially organised, and knowing how to manage your situation, and knowing whether you may be entitled to unemployment benefits will give you the assurance you need to overcome the difficult life challenges, and focus on your future goals.


  1. Getting ready to retire


Can I afford to retire now?


Don’t leave it to the last minute to start thinking about your retirement. The earlier you think about it, the better prepared you will be to give yourself the best chance of actually realising your retirement goals. Talking to an adviser at this crucial time in your life can help you understand the clear steps or actions you need to take now for a better future down the road. Being able to visualise what you need to do now, and what you could actually achieve later will definitely give you the motivation to stick to your retirement plan.


Related Post: Preparing for retirement


  1. Legacy


How can I help secure my children’s future?


Knowing how you will leave your legacy is an important issue but something that get’s left out for some. You have worked hard all your life so knowing how to pass your assets to your children or family members is an important part of the financial planning process. Talking to adviser who can give you specific advice on the importance of Wills, and how to structure other estate planning structures like trusts. This can place you in the right position to pass assets to your children in accordance with your wishes whilst avoiding family conflicts.


Testamentary Trusts: What are they? from Prime Financial Group on Vimeo.


Preparing a Will: What to consider? from Prime Financial Group on Vimeo.


As you can see there are countless reasons why advice is an important factor through out your life. Having a long-term values based relationship with a trusted adviser can make a difference in the quality of lifestyle you achieve.



This information has been prepared by Primestock Securities Limited ABN 67 089 676 068, AFSL 239180 (“Prime”). Prime accepts no obligation to correct or update the information or opinions in it. This information does not take into account your objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate to your situation. It is recommended that you obtain financial, legal and taxation advice before making any financial investment decision. Prime is bound by the Australian Privacy Principles for the handling of personal information.


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About the Author:

Prime is an Integrated Wealth Management Firm for business owners and family groups. Prime’s goal is to become the Premier Partner to Accountants for Growth, Succession and Integrated Wealth Management and to deliver personalised advice to clients for a secure financial future.